Hyderabad, 9 October 2019, Rupeek: India's fastest growing gold loan brand, is all set to expand its services to Hyderabad with the promise of delivering the most transparent and safe gold loans at the doorstep. After receiving a highly positive response in 7 cities including Bengaluru, Mumbai, Delhi, Chennai, Pune, Ahmedabad and Coimbatore, Rupeek is now in Hyderabad and aims to be present in 100 cities within the next two years.

Rupeek is backed by the most trusted banks: ICICI bank, Karur Vysya Bank, Federal Bank acting as its lending partners further ensuring transparency and safety to Rupeek's family customer base. Besides, assuring high loan values, lowest interest rates in the market and remarkable services like providing gold loans at the customer's convenience.

Sumit Maniyar, Founder & CEO, Rupeek said, "We are excited about stepping into the Hyderabad market. We help our customers fulfill immediate credit requirements with a 30 min doorstep gold loan. Apart from adding 1000s of satisfied customers to Rupeek's 65000+ family, we also intend to create hundreds of new job opportunities in Hyderabad. We aim to create a transparent brand in the gold loan space which is a step towards our mission to put India's idle gold to use."

Rupeek is on a mission to bring transparency in the gold loan lending space and contributing to the India growth story by monetizing India's idle gold. This will generate liquidity which in turn will increase economic activity.

Rupeek, a series B funded organization is currently disbursing gold loans at an annual rate of over $175 mn and growing 20% month on month.

Gold has been a deep part of India, holding both the value and emotions. The country currently holds 27000 tonnes of gold worth more than $1 trillion. India adopts mainly three methods to monetize gold: through banks, NBFC and unorganized market (pawnbrokers), out of which only 6-7% is monetized through the regulated market: NBFC and Banks.

Currently, India imports 750 tonnes of gold annually without contributing to the GDP multiplier as most of the imported gold sits idle in the form of jewelry. Rupeek believes that gold loans can be an effective gold monetization mechanism.